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Local Exploration News Oil

ANPG to Begin Oil Exploration Prospecting in Cuando Cubango

The National Oil, Gas and Biofuels Agency (ANPG) will soon commence oil exploration prospecting in the municipalities of Rivungo, Calai, and Cuangar in the province of Cuando Cubango. Following a meeting held by the provincial governor of Cuando Cubango, José Martins, ANPG’s director of the Institutional Security Office, Manuel Domingos Dembe, announced that the first phase involves demining work in four areas identified for oil prospecting. Manuel Domingos Dembe stated that ANPG is operating in

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Local Economy News

Angola’s Economy Shows Strong Growth in Q1 2024

Angola’s Gross Domestic Product (GDP) grew by 4.6 percent in the first quarter of 2024, marking the highest quarterly growth rate since 2015. This growth reflects positive performance across all sectors of the economy, highlighting the impact of effective economic policies and strategic investments. An analysis of the indicators reveals that all major sectors of the Angolan economy recorded growth during this period, demonstrating a robust and uniform recovery. The oil sector, a traditional pillar

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Local Economy News

National Bank of Angola Sets Ambitious Goals for Financial Inclusion by 2028

The National Bank of Angola (BNA) has set ambitious targets for achieving a 75 percent rate of financial inclusion by 2028, as outlined in its latest bimonthly Financial Stability report released in late June. According to the report, the BNA has prioritized several initiatives aimed at bolstering financial inclusion, with microcredit and other non-bank financial instruments playing a pivotal role. Microcredit, governed by current legislation such as Law no. 14/21, is defined as small-value loans

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Local News Oil

Angola’s Oil Exports Surge to Highest Levels in Almost Four Years

In August, Angola is set to export the highest volume of oil in nearly four years, signaling the rationale behind its decision to leave OPEC. Loading plans indicate shipments will reach 1.23 million barrels per day, exceeding OPEC’s proposed production limit of 1.1 million barrels per day for Luanda, which prompted Angola’s departure from the group. This move allows Angola greater flexibility in increasing its output, unaffected by monthly export variations. Paul McDade, CEO of

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Local Economy Expos & Events News

Angolan and Zambian Businesspeople Connect at 1st International Business Forum in Luena

Angolan and Zambian businesspeople gathered to exchange experiences at the 1st edition of the International Business Forum, which opened yesterday in Luena at the amphitheater of the Instituto Superior Politécnico do Moxico. During the meeting, participants discussed topics such as “The Lobito Corridor,” “Opportunities for the Development of Moxico,” “The Role of the State in Boosting Tourism in the Angolan Region of the Okavango Zambezi,” “Business Opportunities in the Province of Moxico,” and “The Vision

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Economy Diamonds Local News

Diamond Revenue Hits $288 Million Despite Market Challenges

From January to May of this year, the country generated revenues of $288 million from the sale of 2.5 million carats of diamonds produced by the Catoca, Luele, and Lunhinga projects. The data was disclosed by the president of the Board of Directors of the National Diamond Company (Endiama EP), Manuel Nganga Júnior, during a “brainstorming” session for the Mineral Resources, Oil, and Gas Sector held on Tuesday in the nation’s capital. Manuel Nganga Júnior

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Local Economy Gas News Oil

Angola’s Export Revenue Hits $8.8 Billion in Q1: Crude Oil Dominates Earnings

In the first quarter of the current year, Angola’s exported goods generated a substantial revenue of $8.8 billion. A significant portion of this revenue, $8.2 billion, came from the sale of crude oil and gas, while $431 million was earned from the commercialization of ores. Economist Daniel Sapateiro presented these figures in Luanda during the 2nd International Trade Forum. The event brought together sector experts and government officials to discuss “The Current Context of Foreign

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Local Economy Transport and Logistics

The Impact of Lobito Atlântico Railways on the Benguela Railway Corridor

The management of the Benguela Railway (CFB) by the consortium Lobito Atlântico Railways (LAR), Trafigura, and Mota-Engil is expected to significantly enhance Angola’s Gross Domestic Product (GDP), contributing between $1.6 billion to $3.4 billion annually over the next 30 years. This projection was shared by LAR administrator Ottoniel Manuel during a discussion on the Girassol television channel under the theme, “The Impact of the Lobito Corridor on the Angolan Economy and the SADC Region.” Manuel

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Local Economy Expos & Events News Oil

Angola Anticipates 2.84% GDP Growth Fueled by Non-Oil Sectors

The Secretary of State for Finance and Treasury, Ottoniel dos Santos, reaffirmed Angola’s economic outlook, predicting a 2.84% growth in Gross Domestic Product (GDP) for the current year. He emphasized the robust performance expected from the non-oil sector, projected at 5.32%, during an address in Luanda at the inaugural Annual Conference “Investor’s Day” organized by BFA Gestão de Activos. Dos Santos underscored that the growth in GDP, driven by sectors such as agriculture, fishing, manufacturing,

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Local News Oil Petroleum

Angola to Privatize National Oil Company Sonangol by 2026

The Angolan government plans to privatize its National Oil Company (NOC) Sonangol by 2026, aiming to diversify its 30% stake and attract private investors. This initiative supports Sonangol’s ambition to expand operations across the oil and gas value chain and solidify its position as a competitive regional operator. The Angola Oil & Gas (AOG) conference, scheduled for October 2-3 in Luanda, will spotlight Sonangol’s transformation and its impact on driving oil and gas production in

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